Philadelphia Financial Management of San Francisco, LLC In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Philadelphia Financial Management of San Francisco, LLC reported 36 stock positions worth $429.7 million . Its top holding was Geo (GEO) at 7.2% of the portfolio, followed by Assured Guaranty (AGO, 6.8% ) and Customers Bancorp (CUBI, 5.5% ). Compared with Q1 2024, it opened 14 new positions, sold out of 18, added to 13 and reduced 9. The biggest buy was a new position in Hci (HCI) and the biggest sale an exit from Corecivic (CXW).
Location SAN FRANCISCO, CA
CIK 0001351407
Portfolio Value $429.7M (Q2 2024) Holdings 36 stocks · $429.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2024 GEO The Geo Group Inc. 2,158,382 $31.0M Add +8.9% AGO Assured Guaranty Ltd. 378,542 $29.2M Add +72.1% CUBI Customers Bancorp Inc. 491,241 $23.6M Add +64.3% UEC Uranium Energy Corp. 3,102,898 $18.6M Add +78.1% GLNG Golar LNG Ltd. 573,270 $18.0M Add +47.4% NXE Nexgen Energy Ltd. 2,561,430 $17.9M Reduce -17.6% AIG American International Group 230,492 $17.1M Add +13.0% MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 1,493,579 $17.0M Add +34.9% FCFS Firstcash Holdings Inc. 144,521 $15.2M Add +116.3% SII Sprott Inc. 364,241 $15.1M Reduce -17.6% HCI Hci Group Inc. 155,251 $14.3M New GPI Group 1 Automotive Inc. 47,782 $14.2M New PGR Progressive Corp. 62,049 $12.9M Add +51.4% CPF Central Pacific Financial Co. 582,747 $12.4M New GM General Motors Co. 263,721 $12.3M Add +11.7% MUFG Mitsubishi Ufj Finl-Spon ADR 1,054,484 $11.4M Reduce -38.6% IPX Iperionx Ltd. - ADR 811,359 $11.3M Add +9.8% AER Aercap Holdings NV 118,435 $11.0M Reduce -35.6% HOOD Robinhood Markets Inc. Class A 452,505 $10.3M New APO Apollo Global Management Inc. 83,227 $9.8M Reduce -25.0% HG Hamilton Insurance Grou Class B 583,755 $9.7M Reduce -47.0% MAX Mediaalpha Inc. Class A 728,730 $9.6M New UMBF Umb Financial Corp. 114,357 $9.5M New AXS Axis Capital Holdings Ltd. 133,118 $9.4M Reduce -19.5% ACGL Arch Capital Group Ltd. 90,844 $9.2M New HIG Hartford Insurance Group Inc. 80,644 $8.1M Add +100.8% RGA Reinsurance Group of America 39,340 $8.1M New ONEW Onewater Marine Inc. Class A 291,376 $8.0M New FCNCA First Citizens Bcshs Class A 4,544 $7.7M New IIPR Innovative Industrial Proper 64,226 $7.0M New BRDG Bridge Investment Grp HDS-A 919,336 $6.8M Reduce -34.2% ANRO Alto Neuroscience Inc. 443,289 $4.7M Add +1.8% CAR Avis Budget Group Inc. 43,916 $4.6M New FIP Ftai Infrastructure Inc. 221,592 $1.9M Reduce -58.1% MBI Mbia Inc. 308,722 $1.7M New ASPI Asp Isotopes Inc. 383,970 $1.2M New
Options reported separately and not counted above: SPY puts ($54.4M), KIE puts ($37.4M), RSP puts ($24.6M), IWM puts ($24.3M).
Portfolio Sells Q1 2024 → Q2 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▲ CXW Corecivic Inc. Sold out 0.00% −3.74 SLM SLM Corp. Sold out 0.00% −3.51 MS Morgan Stanley Sold out 0.00% −3.48 PWP Perella Weinberg Partners Sold out 0.00% −3.37 GS Goldman Sachs Group Inc. Sold out 0.00% −2.73 F Ford Motor Co. Sold out 0.00% −2.44 UBS UBS Group AG-Reg Sold out 0.00% −2.24 ALL Allstate Corp. Sold out 0.00% −2.17 EG Everest Group Ltd. Sold out 0.00% −2.08 RNR Renaissancere Holdings Ltd. Sold out 0.00% −2.06 FFWM First Foundation Inc. Sold out 0.00% −2.05 UPBD Upbound Group Inc. Sold out 0.00% −1.74 BAC Bank of America Corp. Sold out 0.00% −1.73 KKR KKR & Co. Inc. Sold out 0.00% −1.33 LMND Lemonade Inc. Sold out 0.00% −1.24 PFSI Pennymac Financial Services Sold out 0.00% −1.14 BRK.B Berkshire Hathaway Inc. Class B Sold out 0.00% −1.10 MUFG Mitsubishi Ufj Finl-Spon ADR Reduce -38.6% 2.65% −1.02 HG Hamilton Insurance Grou Class B Reduce -47.0% 2.26% −0.95 NXE Nexgen Energy Ltd. Reduce -17.6% 4.16% −0.88 JRVR James River Group Holdings I Sold out 0.00% −0.85 AER Aercap Holdings NV Reduce -35.6% 2.57% −0.77 BRDG Bridge Investment Grp HDS-A Reduce -34.2% 1.59% −0.41 APO Apollo Global Management Inc. Reduce -25.0% 2.29% −0.32 FIP Ftai Infrastructure Inc. Reduce -58.1% 0.45% −0.25 AXS Axis Capital Holdings Ltd. Reduce -19.5% 2.19% −0.06 SII Sprott Inc. Reduce -17.6% 3.51% +0.09
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ HCI Hci Group Inc. New 3.33% +3.33 GPI Group 1 Automotive Inc. New 3.31% +3.31 CPF Central Pacific Financial Co. New 2.87% +2.87 AGO Assured Guaranty Ltd. Add +72.1% 6.80% +2.79 HOOD Robinhood Markets Inc. Class A New 2.39% +2.39 MAX Mediaalpha Inc. Class A New 2.23% +2.23 GLNG Golar LNG Ltd. Add +47.4% 4.18% +2.23 UMBF Umb Financial Corp. New 2.22% +2.22 CUBI Customers Bancorp Inc. Add +64.3% 5.48% +2.17 ACGL Arch Capital Group Ltd. New 2.13% +2.13 UEC Uranium Energy Corp. Add +78.1% 4.34% +1.88 RGA Reinsurance Group of America New 1.88% +1.88 ONEW Onewater Marine Inc. Class A New 1.87% +1.87 FCNCA First Citizens Bcshs Class A New 1.78% +1.78 FCFS Firstcash Holdings Inc. Add +116.3% 3.53% +1.75 IIPR Innovative Industrial Proper New 1.63% +1.63 GEO The Geo Group Inc. Add +8.9% 7.21% +1.36 PGR Progressive Corp. Add +51.4% 3.00% +1.23 CAR Avis Budget Group Inc. New 1.07% +1.07 HIG Hartford Insurance Group Inc. Add +100.8% 1.89% +1.02 AIG American International Group Add +13.0% 3.98% +0.65 GM General Motors Co. Add +11.7% 2.85% +0.61 MCHB Mechanics Bancorp Class A Add +34.9% 3.96% +0.48 MBI Mbia Inc. New 0.39% +0.39 IPX Iperionx Ltd. - ADR Add +9.8% 2.63% +0.33 ASPI Asp Isotopes Inc. New 0.27% +0.27 ANRO Alto Neuroscience Inc. Add +1.8% 1.10% −0.29
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 100,000 $54.4M QQQ Invesco QQQ Trust Series 1 put Sold out 114,000 $50.6Mbefore exit KIE SS SPDR S&P Insurance ETF put New 750,000 $37.4M XHB SS SPDR S&P Homebldrs ETF put Sold out 280,000 $31.2Mbefore exit KRE SS SPDR S&P Regional Bank put Sold out 500,000 $25.1Mbefore exit RSP Invesco S&P 500 Equal Weight put New 150,000 $24.6M IWM iShares Russell 2000 ETF put New 120,000 $24.3M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 43 $364.7M USAU, WLFC, HIG, CXW, FTAI Q1 2026 42 $312.1M AXS, TH, HCI, USAU, BFH Q4 2025 46 $484.0M HCI, TH, USAU, GM, PNFP Q3 2025 45 $499.2M PFSI, SLDE, TH, MCHB, PGR Q2 2025 43 $451.2M NAVI, EG, MCB, MCHB, ASPI Q1 2025 42 $450.0M EQH, MCHB, PFSI, CACC, CXW Q4 2024 35 $497.3M SLM, AJG, FIP, ALL, NFE Q3 2024 45 $467.5M GLNG, MCHB, PFSI, UWMC, NXE Q2 2024 36 $429.7M GEO, AGO, CUBI, UEC, GLNG Q1 2024 40 $478.4M GEO, NXE, AGO, CXW, MUFG